Credits available to reduce the amt liability


Problem:

The Purple Trust incurred the following items this year.

Taxable interest income 80,000
Tax-exempt interest income, not on private activity bonds 60,000
Tax-exempt interest income, on private activity bonds 40,000

Compute Purple's tentative minimum tax for the year. Purple does not have any credits available to reduce the AMT liability.

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Accounting Basics: Credits available to reduce the amt liability
Reference No:- TGS01932853

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